Before applying for a mortgage a number of mortgage questions arise in each one of us.The most commonly asked mortgage questions are

1. What are the differences between qualifying for a loan,pre approval and the final approval of the loan?

2. Are there any programs available for first mortgage buyers?

3. I find a lot of mortgage types available in the market.How will I know which suits me and how to make the comparison?

4. What is the situation of those who are with bad credit?

5. They say ratios what do front and back ratios denote?

These mortgage questions are fundamentals.They answers will remain the same with any lender.Before choosing the lender you have a set of mortgage questions to be asked and they have to be answered if you are to got the mortgage from that specific lender.

• How long is the lock period?

The interest rate changes very often.very often in the sense I mean to say the time

gap between the day you saw the specific interest rate on the website and the day

before you fill in the contact form.you have to ask the lender how long he could

guarantee that specified rate.This guaranteed period is called the lock period.

• Does the mortgage have any prepayment penalties

Before applying you should have an idea whether the mortgage possess any fees or penalties.Pre payment penalties is the fee that is incurred when the borrower terminates his mortgage with full payment before the term period.There might be situations where you need to sell the house or just go for another mortgage(refinance) this fee would serve as an unwanted expense.Try to negotiate and get a mortgage without any prepayment penalty.

• What are the documents required by the lender

The income verification documents,asset verification documents,purchase contract and the debts.

It does not end here. The mortgage questions are never ending.When you go to some new place you find a lot there and the array of questions are never ending.Similarly getting a mortgage is something which matters a lot as you are going to pay monthly as well as it plays an important role in your budget too.So asking mortgage questions is good and advisable to have a better idea and get a good mortgage.